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Commercial property poised for recovery

Staff Reporter 1 minute read

The commercial property sector is set to recover in 2010 as the economic outlook continues to improve.

CB Richard Ellis executive director of research Kevin Stanley told AAP that the round of declines in commercial property values came to an end in last two quarters of 2009 as the tough economic conditions eased.

According to Mr Stanley the office sector had hit a bottom in the December quarter while the industrial and retail property sector had stabilised in the September quarter.

"We're noticing a lot more interest from investors both domestic and foreign to get back into the market and we think that pressure will start to push prices up over the next 12 months," Mr Stanley told AAP.

"The revaluation of commercial real estate has taken about two years.

"It's taken roughly 20 per cent off prime capital values, so what that does is, it sets us up for 2010 where the next direction for the market is an improvement, an increase in capital values."

Commercial property poised for recovery
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